The C.D. Howe Institute’s Monetary Policy Council (MPC) says that the Bank of Canada should hold its target for the overnight rate, its benchmark policy interest rate, at 1.50 per cent at its next announcement on Sept. 5.

The Council also called for a hike in the target to 1.75 per cent in October, raising it to 2.25 per cent by September 2019.

“The MPC provides an independent assessment of the monetary stance consistent with the Bank of Canada's 2 percent inflation target,” stated the C.D. Howe Institute in an announcement Aug. 30.

William Robson, president and CEO of the C.D. Howe Institute, chairs the Council.